An FI has 5 million in its trading portfolio on the close of business on a particular day. The current exchange rate of pounds for dollars is 0.6400/$, or dollars for pounds is $1.5625, at the daily close. The volatility, or the standard deviation (), of daily percentage changes in the spot /$ exchange rate over the past year was 58.5 bp. The FI is interested in adverse movesbad moves that will not occur more than 1 percent of the time, or 1 day in every 100 days. Calculate the one-day VAR and ES from this position.